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深受硅谷兩大巨頭青睞,這家印度科技公司有多牛?

Vivienne Walt
2020-08-17

在世界其他地方疲于應(yīng)對(duì)新冠疫情之際,Jio 突然有希望成為第一個(gè)在印度起步的全球科技巨頭。

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人氣擔(dān)當(dāng):作為Reliance的在線零售分支,JioMart尋求支持?jǐn)?shù)百萬家正受到亞馬遜和沃爾瑪嚴(yán)重威脅的夫妻雜貨店。圖片來源:DEBARCHAN CHATTERJEE—ZUMA WIRE

科技巨頭往往在不起眼的地方慢慢地綻放光芒。谷歌在一個(gè)車庫中悄然成長(zhǎng),F(xiàn)acebook起步于一間大學(xué)宿舍,亞馬遜則是在一輛行駛在美國(guó)各地的汽車中成長(zhǎng)起來的。風(fēng)投家對(duì)這些科技初創(chuàng)公司的投資通常都顯得微不足道,因?yàn)樗麄兩钪@些錢隨時(shí)可能化為烏有。

然而,當(dāng)其中兩家巨頭(Facebook和谷歌)斥資數(shù)十億美元支持第三家巨頭(亞馬遜)的新興競(jìng)爭(zhēng)對(duì)手時(shí),我們幾乎可以宣告一個(gè)全新的科技巨頭橫空出世。Jio Platforms是一家成立僅四年的移動(dòng)電話公司,由印度首富穆克什·安巴尼掌控。在短短的幾個(gè)月內(nèi),它以令人驚嘆的速度吸引到巨額投資。是的,就在世界其他地方疲于應(yīng)對(duì)新冠疫情之際,Jio 突然有希望成為第一個(gè)在印度起步的全球科技巨頭。

這場(chǎng)股權(quán)搶購戰(zhàn)肇始于今年4月。彼時(shí),F(xiàn)acebook與Jio達(dá)成協(xié)議,斥資57億美元收購該公司9.9%的股份。隨后,一批重量級(jí)投資者開始競(jìng)相搶購這家由安巴尼的家族企業(yè)、石化巨頭信實(shí)工業(yè)控制的公司的股份。5月,美國(guó)私募股權(quán)巨頭銀湖資本、Vista Equity Partners、General Atlantic和KKR集團(tuán)總計(jì)向Jio投資了近50億美元。6月,在向美國(guó)芯片制造商英特爾和高通出售了部分股權(quán)之后,Jio與谷歌達(dá)成了一筆以45億美元收購7.7%股份的協(xié)議。此外,作為Jio的資本靠山,信實(shí)工業(yè)還通過配股籌集了近70億美元。

安巴尼全家福:2019年4月,在全國(guó)大選之際,印度首富穆克什·安巴尼(前右)和他的妻子尼塔、女兒伊莎以及兒子阿南特和阿卡什(從左至右)走出孟買一處投票站。穆克什從父親手中接管了信實(shí)工業(yè),他將推出Jio Platforms的想法歸功于一對(duì)雙胞胎子女。圖片來源:DHIRAJ SINGH—BLOOMBERG VIA GETTY IMAGES

到7月中旬,Jio已經(jīng)積聚了200多億美元,使得信實(shí)工業(yè)和Jio實(shí)現(xiàn)零負(fù)債,并為這家移動(dòng)分支的最終IPO鋪平了道路。更重要的是,通過將Jio打造成為一家老牌能源公司的高增長(zhǎng)分支,安巴尼鞏固了自己作為全球頂級(jí)商業(yè)巨頭的無上地位。原本就是亞洲首富的安巴尼,現(xiàn)在是地球上最富有的五個(gè)人之一。(他那棟坐落于孟買的27層豪宅擁有一個(gè)可容納168輛轎車的車庫,9部電梯,還有一個(gè)配備人造雪的房間——在這個(gè)酷熱難耐的熱帶地區(qū),如此別具心裁的奢華設(shè)施著實(shí)令人艷羨。)如果他對(duì)Jio抱有的厚望成為現(xiàn)實(shí),Jio將躋身全球電子商務(wù)巨頭之列,成為與中國(guó)的阿里巴巴和騰訊等量齊觀的“超級(jí)APP”。

要想實(shí)現(xiàn)這一目標(biāo),Jio就必須攜手它的眾多非印度合作伙伴,與沃爾瑪和亞馬遜這兩家在印度零售業(yè)投入巨資的美國(guó)巨頭展開一場(chǎng)全面戰(zhàn)爭(zhēng)。這場(chǎng)戰(zhàn)爭(zhēng)的終極獎(jiǎng)賞就是一個(gè)理應(yīng)躋身國(guó)際商業(yè)第一梯隊(duì)的超級(jí)市場(chǎng)——但直到現(xiàn)在,印度仍然讓許多尋求在這個(gè)市場(chǎng)有所斬獲的人深感失望?!坝《炔辉偈且粋€(gè)區(qū)域性參與者?!背錾谟《鹊腏io Platforms總裁、前美國(guó)電信業(yè)高管馬修·烏曼這樣說道。在他看來,這就是投資者爭(zhēng)相涌入的原因所在。盡管Jio資歷尚淺,但這家科技新貴如今可以在一群急切的追求者中精心挑選符合其心意的投資者。烏曼透露說,Jio的首要標(biāo)準(zhǔn)是合作者必須把印度的利益放在心上?!拔覀兙芙^的投資者之多可能會(huì)讓你感到驚訝?!彼f。

雙胞胎的抱怨

如果不是安巴尼膝下一對(duì)十幾歲的雙胞胎不斷抱怨——互聯(lián)網(wǎng)太慢,無法充分運(yùn)行其他孩子每天都上的那些網(wǎng)站(任何一位父母可能都聽過類似的抱怨)——Jio的非凡籌款季可能永遠(yuǎn)不會(huì)發(fā)生。安巴尼從父親那里繼承了信實(shí)工業(yè)。在他的領(lǐng)導(dǎo)下,這家總部位于孟買的煉油和石化公司相繼涉足超市、加油站和數(shù)以千計(jì)的便利店。信實(shí)工業(yè)也在海外選購資產(chǎn),最近還收購了英國(guó)玩具零售商Hamleys。現(xiàn)年63歲的安巴尼早在2000年代就極其富有。但他的投資組合中缺少一個(gè)關(guān)鍵領(lǐng)域:電信。他的女兒伊莎和兒子阿卡什對(duì)此再清楚不過,因?yàn)樗麄兪軌蛄擞《攘钊俗タ竦?G網(wǎng)絡(luò),盡管他們是含著金湯匙出生的?!皬男〉酱?,他們經(jīng)常向許多人——特別是向他們的父親——表達(dá)無法使用移動(dòng)數(shù)據(jù)的沮喪感。”Jio總裁烏曼說,“伊莎對(duì)她的老爸很有影響力,讓他相信這是一個(gè)很大的機(jī)會(huì)?!?/p>

很少有人意識(shí)到這個(gè)機(jī)會(huì)到底有多大。被一對(duì)雙胞胎說服后(也可能是架不住他們死纏硬磨),安巴尼在2010年收購了一家瀕臨倒閉的電話公司,由此獲得印度部分無線頻譜的使用權(quán)。那時(shí)候,數(shù)億印度人還從未使用過手機(jī),更不用說上網(wǎng)了。安巴尼投入了約350億美元鋪設(shè)光纖線路,并在廣袤國(guó)土的每個(gè)角落架設(shè)了約20萬個(gè)塔臺(tái),以提供現(xiàn)代4G網(wǎng)絡(luò)服務(wù)。新公司的名字Jio朗朗上口,看起來有點(diǎn)像倒過來拼寫的“石油”(oil)。這個(gè)非常貼切的笑話在公司內(nèi)部廣為流傳。憶往昔,化石燃料讓安巴尼發(fā)了財(cái)?,F(xiàn)在,這位億萬富翁得出結(jié)論,他可以將巨額財(cái)富的增值前景寄托在數(shù)據(jù)身上。

安巴尼鞏固了他作為世界頂級(jí)商業(yè)巨頭之一的地位。已經(jīng)是亞洲首富的他在孟買的27層豪宅,如圖所示,有一個(gè)168個(gè)車庫,9部電梯,還有一個(gè)有人造雪的房間,這是熱帶熱區(qū)的一個(gè)便利設(shè)施,現(xiàn)在安巴尼是這個(gè)星球上最富有的五個(gè)人之一。圖片來源:DANISH SIDDIQUI—REUTERS

Jio的發(fā)展軌跡令人瞠目結(jié)舌。當(dāng)它在2016年9月推出時(shí),在擁有超過13億人口的印度,只有大約2,800萬人擁有智能手機(jī)。在隨后的18個(gè)月中,有1億人成為Jio無線網(wǎng)絡(luò)的簽約用戶。到今年7月底,其用戶總數(shù)已經(jīng)接近4億人。這家新晉運(yùn)營(yíng)商的制勝訣竅是廉價(jià)數(shù)據(jù)。在Jio問世之前,移動(dòng)數(shù)據(jù)的價(jià)格為每千兆字節(jié)4.5美元,對(duì)于這個(gè)人均年收入只有5,760美元的國(guó)家來說,如此高的價(jià)位顯然難以承受。而Jio給出的價(jià)格僅為每千兆字節(jié)15美分,而且語音通話免費(fèi)。這不可避免地引發(fā)了一場(chǎng)價(jià)格戰(zhàn),而沃達(dá)豐和巴蒂電信(Bharti Airtel)等老牌運(yùn)營(yíng)商注定是無法贏得這場(chǎng)比拼財(cái)力的戰(zhàn)爭(zhēng)的。

在提供免費(fèi)通話和廉價(jià)數(shù)據(jù)服務(wù)兩年后,Jio推出了一款售價(jià)20美元的安卓手機(jī)——Jio Phone不僅搭載YouTube等谷歌熱門應(yīng)用程序,還提供免費(fèi)流量套餐。這款產(chǎn)品點(diǎn)燃了印度人的上網(wǎng)熱情,他們消費(fèi)的數(shù)據(jù)量幾乎相當(dāng)于所有美洲人之和。這不僅是印度人的福音,也是全球科技巨頭的利好消息。Facebook旗下即時(shí)通信應(yīng)用程序WhatsApp目前運(yùn)行所有23種印度官方語言,擁有4億用戶,印度也由此成為這款應(yīng)用程序的最大市場(chǎng)。在這個(gè)文盲現(xiàn)象非常普遍的國(guó)家,谷歌的YouTube成為許多人的默認(rèn)搜索引擎。對(duì)于許多上網(wǎng)費(fèi)用居高不下的新興經(jīng)濟(jì)體來說,印度的案例充分表明,廉價(jià)數(shù)據(jù)能夠?qū)ι虡I(yè)、教育和農(nóng)村發(fā)展起到立竿見影的加速作用?!皩拵нB接呈現(xiàn)井噴式增長(zhǎng)。”印度科技分析網(wǎng)站MediaNama的創(chuàng)始人兼總編輯尼希爾·帕瓦說,安巴尼是一位“有遠(yuǎn)大夢(mèng)想的人”。

攀登移動(dòng)高峰

在Jio橫空出世之前,數(shù)億印度人從未使用過互聯(lián)網(wǎng)。廉價(jià)的手機(jī)流量套餐和快速的網(wǎng)絡(luò)連接向這個(gè)國(guó)家展示了互聯(lián)網(wǎng)的無窮魅力。

Jio營(yíng)收在2020年為90億美元;訂戶數(shù)量在2020年為3.875億。數(shù)據(jù)來源:Jio Platforms

安巴尼的宏大夢(mèng)想遠(yuǎn)非電信業(yè)所能滿足。Jio迅速取代了它在手機(jī)領(lǐng)域的競(jìng)爭(zhēng)對(duì)手,但它在移動(dòng)支付和電子商務(wù)等互聯(lián)網(wǎng)領(lǐng)域仍然缺乏存在感?!拔覀兛吹降闹皇且粋€(gè)龐大機(jī)遇的一小部分?!睘趼f。

要想抓住這些機(jī)會(huì),Jio需要全球合作伙伴,這就形成了一個(gè)良性的投資循環(huán)。投資者獲得了一家快速增長(zhǎng)的公司的股份,而這家公司的核心業(yè)務(wù)帶來了滾滾現(xiàn)金流。信實(shí)工業(yè)能夠在既定的時(shí)間表之前清理資產(chǎn)負(fù)債表。Jio獲得了全球最精明的科技盟友。銀湖資本(Silver Lake)的聯(lián)合首席執(zhí)行官埃貢·德班引領(lǐng)這家科技投資公司斥巨資入股Jio。“安巴尼在Jio身上投下重注?!彼f,“Jio是隱藏在眾目睽睽之下的全球最大的私人科技公司?!?/p>

數(shù)字生活方式

開車離開龐大的孟買市區(qū),穿過橫跨阿拉伯海的大橋,來到新孟買這個(gè)安靜的遠(yuǎn)郊地區(qū),最終到達(dá)占地550英畝(約合2.22平方公里),綠樹成蔭的信實(shí)工業(yè)總部園區(qū)。圍繞新舊辦公樓群鋪設(shè)的人行道錯(cuò)落有致,連接著網(wǎng)球場(chǎng)、足球場(chǎng)、一個(gè)板球場(chǎng),以及籃球、排球、羽毛球場(chǎng)和一個(gè)提供完善服務(wù)的健身房等運(yùn)動(dòng)設(shè)施。Jio就坐落于這個(gè)猶如鄉(xiāng)村田園的公司園區(qū)的中心地段。辦公大樓的藍(lán)色玻璃幕墻遮擋住了炙熱的陽光,一道道柔和的陰影慵懶地灑在頗具格調(diào)的辦公室內(nèi)。

附近坐落著Jio體驗(yàn)中心。這棟建筑以柔和的粉色和紫色為主色調(diào),它體現(xiàn)的是該公司對(duì)未來的愿景。在這幅愿景中,Jio并非一家移動(dòng)電話運(yùn)營(yíng)商,而是一家“數(shù)字生活方式公司”。正如一位員工所言,這是一家嵌入印度人日常習(xí)慣的企業(yè)。躍入眼簾的產(chǎn)品包括Jio流媒體電視——用戶可通過語音指令要求機(jī)頂盒播放寶萊塢熱播劇,以及備受印度人追捧的板球比賽?!拔覀儚囊婚_始就把Jio定位為一個(gè)提供數(shù)字服務(wù)的平臺(tái)。”烏曼說。他此前在美國(guó)移動(dòng)運(yùn)營(yíng)商Sprint擔(dān)任首席技術(shù)官,隨后于2011年回國(guó)加入信實(shí)工業(yè)?!斑@絕不是事后的想法?!?/p>

在綠樹成蔭、被圍起來的、占地550英畝的園區(qū)里,是信實(shí)工業(yè)的總部所在地,“Jio”標(biāo)志的倒影上寫著“oil”(石油)的反寫。這個(gè)名字是個(gè)恰如其分的內(nèi)部笑話。礦物燃料使安巴尼變得富有?,F(xiàn)在他可以用數(shù)據(jù)來證明自己的財(cái)富。圖片來源:VIVEK SINGH FOR FORTUNE

也許不是。但直到今年早些時(shí)候,Jio仍然沒有為其龐大的移動(dòng)用戶群提供一系列其他付費(fèi)服務(wù)。在它構(gòu)想的“數(shù)字生活方式”服務(wù)方面,Jio也遠(yuǎn)遠(yuǎn)落后于競(jìng)爭(zhēng)對(duì)手。2012年,亞馬遜開始在印度投入數(shù)十億美元。2018年,就在Jio贈(zèng)送手機(jī)的同時(shí),沃爾瑪強(qiáng)勢(shì)入駐印度,以160億美元的價(jià)格收購了本土在線購物公司Flipkart的控制權(quán)。

為了在加強(qiáng)產(chǎn)品競(jìng)爭(zhēng)力的同時(shí)繼續(xù)增長(zhǎng),Jio開始將目光投向國(guó)外,這樣做的額外好處是有助于清理資產(chǎn)負(fù)債表。外部投資者一直渴望攜手一位深諳印度營(yíng)商之道的合作伙伴,共同開發(fā)這個(gè)潛力無限的市場(chǎng)。Facebook對(duì)Jio的投資是印度有史以來最大的一筆外國(guó)科技投資,也是Facebook自2014年斥資140億美元收購WhatsApp以來最大的一筆投資。Jio的一大吸引力是它能夠游刃有余地應(yīng)對(duì)猶如迷宮般的印度監(jiān)管法規(guī),而這正是一直困擾亞馬遜的地方。今年1月,就在亞馬遜首席執(zhí)行官杰夫·貝佐斯飛抵新德里,向這家電商巨頭的印度分公司追加投資10億美元的前一天,印度政府宣布該公司和沃爾瑪控股的Flipkart正在接受反壟斷調(diào)查。而深諳新德里權(quán)力運(yùn)作的Jio幾乎沒有遇到過這種問題?!坝凶C據(jù)表明,他們能夠很好地執(zhí)行既能解決規(guī)模問題又可以解決復(fù)雜性問題的舉措,而這在任何國(guó)家都是很難做好的?!盕acebook的印度業(yè)務(wù)主管阿吉特·莫漢感慨道。

安巴尼和扎克伯格幾乎將他們的合作視為一種愛國(guó)行為,稱這對(duì)保護(hù)數(shù)以百萬計(jì)的小型社區(qū)商店(當(dāng)?shù)厝朔Q之為“柑仔店”)至關(guān)重要。數(shù)十年來,這些小雜貨店一直是印度商業(yè)的支柱,但隨著網(wǎng)絡(luò)購物的興起,它們的未來顯得岌岌可危。安巴尼在他的豪宅發(fā)表YouTube講話時(shí)指出,他和扎克伯格懷抱著“為所有印度人服務(wù) ”的共同目標(biāo),WhatsApp已經(jīng)與印度人建立了 “親密關(guān)系”,而這種合作也跟印度總理納倫德拉·莫迪設(shè)定的國(guó)家數(shù)字戰(zhàn)略高度契合。

投資者接踵而至

Facebook在4月的投資引發(fā)了一場(chǎng)前所未有的Jio股份搶購潮。所有這些巨額投資都用于償還母公司信實(shí)工業(yè)的債務(wù)。這些交易讓Jio實(shí)現(xiàn)了零負(fù)債,并與一群世界頂級(jí)科技和投資公司成為合作伙伴。Jio透露稱,它拒絕了很多投資者,但這家公司幾乎肯定會(huì)進(jìn)行首次公開募股。

根據(jù)該協(xié)議,Jio今年6月推出的電子商務(wù)網(wǎng)站JioMart將與WhatsApp鏈接,后者將首次包括一個(gè)在線支付選項(xiàng)。這個(gè)想法是,JioMart將幫助4,000萬家社區(qū)商店完成訂單支付,而這些遍布印度大街小巷的雜貨店將通過結(jié)合它們的商品目錄和配送服務(wù),提供更加廣泛的商品。亞馬遜和沃爾瑪正在對(duì)這些夫妻店構(gòu)成致命威脅,這讓Jio有機(jī)會(huì)扮演民族救世主的角色?!皞鹘y(tǒng)電子商務(wù)巨頭正在淘汰這些雜貨店?!睘趼f。在他看來,JioMart-WhatsApp的典型客戶是他84歲的老母親,她住在印度南部的喀拉拉邦?!拔覌寢寣?duì)在線購物懵懵懂懂?!彼f,“但她認(rèn)識(shí)街上那位為她配送大部分物品的人。”

Facebook也可以將它與Jio的合作作為其進(jìn)軍全球市場(chǎng)的原型模式。與之類似,谷歌首先在印度推出在線支付系統(tǒng),然后將該應(yīng)用程序擴(kuò)展到美國(guó)和其他地區(qū)。谷歌表示,他們正在為Jio手機(jī)開發(fā)一款低成本的安卓操作系統(tǒng)。同樣,這家科技巨頭試圖在印度測(cè)試這款原型系統(tǒng),并計(jì)劃將其推廣到世界其他地區(qū)。在4月簽署投資協(xié)議后,扎克伯格明確表示Facebook也有類似的設(shè)計(jì)。

Jio巨大的營(yíng)收增長(zhǎng)前景點(diǎn)燃了瘋狂的交易熱潮,投資者(幾乎是清一色的美國(guó)人)競(jìng)相搶購該公司的股權(quán)。亞馬遜的前高管迭戈·皮亞坎蒂尼表示:“這些公司逐漸意識(shí)到,印度是一個(gè)獨(dú)特的市場(chǎng)?!逼喛驳倌嵴莵嗰R遜此前斥資數(shù)十億美元進(jìn)軍印度的操盤手,他目前擔(dān)任KKR集團(tuán)的顧問,但并未參與這家私募股權(quán)公司對(duì)Jio的投資?!巴顿Y者的態(tài)度是,‘寧可為錯(cuò)誤的投資而后悔,也不要為錯(cuò)過一個(gè)巨大的機(jī)會(huì)而抱憾終生?!彼f。

事實(shí)上,與Facebook合作開展電商業(yè)務(wù)的潛力讓Jio有機(jī)會(huì)成為攪局者?!靶艑?shí)工業(yè)或許能夠像它此前改變印度電信業(yè)格局那樣,顛覆印度的電子商務(wù)領(lǐng)域?!盇SA Capital的印度消費(fèi)業(yè)務(wù)分析師普拉納夫·巴夫薩爾在接受印度記者采訪時(shí)表示。西方投資者“正在為Jio有望改變印度零售景觀的前景買單?!彼f。

印度解決方案

事實(shí)證明,Jio非常善于構(gòu)筑龐大的訂戶群,但這并不足以保證它也能夠在提供新服務(wù)方面取得成功。例如,在新冠疫情肆虐的大背景下,Jio開始在5萬個(gè)家庭測(cè)試其光纖服務(wù)。但在多條戰(zhàn)線上,這家公司還需要努力追趕西方競(jìng)爭(zhēng)對(duì)手。沃爾瑪和亞馬遜已經(jīng)在印度擁有數(shù)百萬客戶。而作為Jio的新投資者,谷歌早在2017年9月就在印度推出在線支付系統(tǒng)?!霸谥Ц额I(lǐng)域,谷歌支付對(duì)Facebook有著明顯的領(lǐng)先優(yōu)勢(shì)?!盡ediaNama的總編輯帕瓦說,“我對(duì)他們的競(jìng)爭(zhēng)力持懷疑態(tài)度。”

還有其他問題。這些問題有時(shí)會(huì)讓扎克伯格質(zhì)疑他的57億美元投資是否明智。其中最重要的一點(diǎn)是在這個(gè)擁有多種語言和宗教的國(guó)家運(yùn)營(yíng)業(yè)務(wù)的極端復(fù)雜性。印度政府的監(jiān)管法規(guī)嚴(yán)重偏向于本地企業(yè)。被問及西方科技投資者在印度面臨哪些挑戰(zhàn)時(shí),皮亞坎蒂尼回答稱,“我不知道你為這次采訪安排了多少時(shí)間?!彼e例說,印度28個(gè)邦執(zhí)行不同的貿(mào)易法規(guī),這使得在線商務(wù)變得錯(cuò)綜復(fù)雜?!霸谟《龋阕龅氖情L(zhǎng)線投資。這個(gè)長(zhǎng)線意味著30年,而不是5年?!彼f,“你需要大量資金和優(yōu)秀人才。執(zhí)行商業(yè)計(jì)劃的難度之大遠(yuǎn)超你的想象?!?/p>

本地連接:Jio Platforms總裁馬修·烏曼此前在總部位于堪薩斯州的美國(guó)移動(dòng)運(yùn)營(yíng)商Sprint Communications擔(dān)任高管。后來,他回歸祖國(guó)印度,矢志幫助石化巨頭信實(shí)工業(yè)進(jìn)軍電信業(yè)。圖片來源:VIVEK SINGH FOR FORTUNE

盡管如此,印度市場(chǎng)的未來仍然非??善?,而這也是信實(shí)工業(yè)關(guān)注的焦點(diǎn)所在。就像WhatsApp支付系統(tǒng)可能會(huì)迅速擴(kuò)展到世界其他地區(qū)一樣,Jio最終也可能以印度本土作為跳板,構(gòu)筑起一個(gè)有可能復(fù)制到其他國(guó)家的服務(wù)平臺(tái)。這將助推Jio和信實(shí)工業(yè)迅速躋身全球公司之列。烏曼表示,他相信就連美國(guó)和歐洲的部分地區(qū)也可能成為Jio的潛在市場(chǎng)。“我們不排除選擇恰當(dāng)?shù)臅r(shí)機(jī)進(jìn)軍全球市場(chǎng)。”他說。市場(chǎng)觀察人士預(yù)計(jì)Jio將在不遠(yuǎn)的將來進(jìn)行IPO,但烏曼透露稱,該公司“尚未正式商議”上市時(shí)間表。但他隨即指出,“這種可能性是存在的?!?/p>

按照J(rèn)io的經(jīng)典風(fēng)格,這些計(jì)劃可能會(huì)迅速展開,而且規(guī)模巨大,從而有望助力Jio成為下一個(gè)大型科技公司,同時(shí)讓它成為第一個(gè)在印度起步的全球科技巨頭。安巴尼在7月告訴股東,Jio計(jì)劃明年在印度推出自己的5G技術(shù),并將涉足大數(shù)據(jù)、機(jī)器學(xué)習(xí)、區(qū)塊鏈和醫(yī)療保健等領(lǐng)域。他說,所有這些產(chǎn)品都會(huì)很容易出口到世界各地的市場(chǎng)?!懊恳粋€(gè)在印度獲得驗(yàn)證的解決方案,都有可能成為全球性解決方案?!倍舶湍岬拿绹?guó)投資者必然會(huì)追隨他的前行腳步。

圖片來源:PHOTO-ILLUSTRATION BY FORTUNE, ORIGINAL PHOTOS, BEZOS: ANDREJ SOKOLOW—PICTURE ALLIANCE VIA GETTY IMAGES; NADELLA: SIMON DAWSON—BLOOMBERG VIA GETTY -IMAGES; ZUCKERBERG: CHESNOT—GETTY IMAGES; MCMILLON: QILAI SHEN—BLOOMBERG VIA GETTY IMAGES; PICHAI: GEERT VANDEN WIJNGAERT—BLOOMBERG VIA GETTY IMAGES

競(jìng)逐印度市場(chǎng)

西方投資者現(xiàn)在已經(jīng)與Jio Platforms結(jié)為盟友,或與之對(duì)抗。三大科技和軟件公司是這家公司的合作伙伴;美國(guó)兩大零售商是它的勁敵。

今年4月,首席執(zhí)行官馬克·扎克伯格斥資57億美元入股Jio Platforms,由此引發(fā)了西方公司對(duì)這家科技新貴的投資浪潮。Facebook旗下的即時(shí)通訊應(yīng)用程序WhatsApp在印度很受歡迎,并且擁有比Jio用戶收入更高的客戶群體。

谷歌

7月,谷歌及其母公司Alphabet的首席執(zhí)行官桑達(dá)爾·皮查伊通過視頻現(xiàn)身信實(shí)工業(yè)年會(huì),宣布對(duì)Jio投資45億美元。谷歌一直密切關(guān)注尚未開發(fā)的印度市場(chǎng),并將Jio視為規(guī)避印度錯(cuò)綜復(fù)雜的政府監(jiān)管風(fēng)險(xiǎn)的一條捷徑。

微軟

Jio與這家軟件巨頭的合作項(xiàng)目,正是微軟首席執(zhí)行官薩蒂亞·納德拉任期內(nèi)的最高成就——Azure云計(jì)算業(yè)務(wù)。兩家公司成立了一家合資企業(yè),在印度銷售云服務(wù)。

亞馬遜

亞馬遜首席執(zhí)行官杰夫·貝佐斯對(duì)印度市場(chǎng)抱有厚望,已經(jīng)投資了數(shù)十億美元。JioMart與WhatsApp的聯(lián)姻對(duì)這家總部西雅圖的電子商務(wù)巨頭構(gòu)成了威脅。

沃爾瑪

沃爾瑪?shù)氖紫瘓?zhí)行官董明倫在印度押下重注,收購了當(dāng)?shù)仉娮由虅?wù)領(lǐng)軍企業(yè)Flipkart的控股權(quán)。但這家零售巨頭一直受制于嚴(yán)重偏向本土零售商的政府監(jiān)管法規(guī)。(財(cái)富中文網(wǎng))

本文另一版本刊載于《財(cái)富》雜志2020年8/9月刊,標(biāo)題為《Jio能否成為下一個(gè)科技巨頭?》

譯者:任文科

科技巨頭往往在不起眼的地方慢慢地綻放光芒。谷歌在一個(gè)車庫中悄然成長(zhǎng),F(xiàn)acebook起步于一間大學(xué)宿舍,亞馬遜則是在一輛行駛在美國(guó)各地的汽車中成長(zhǎng)起來的。風(fēng)投家對(duì)這些科技初創(chuàng)公司的投資通常都顯得微不足道,因?yàn)樗麄兩钪@些錢隨時(shí)可能化為烏有。

然而,當(dāng)其中兩家巨頭(Facebook和谷歌)斥資數(shù)十億美元支持第三家巨頭(亞馬遜)的新興競(jìng)爭(zhēng)對(duì)手時(shí),我們幾乎可以宣告一個(gè)全新的科技巨頭橫空出世。Jio Platforms是一家成立僅四年的移動(dòng)電話公司,由印度首富穆克什·安巴尼掌控。在短短的幾個(gè)月內(nèi),它以令人驚嘆的速度吸引到巨額投資。是的,就在世界其他地方疲于應(yīng)對(duì)新冠疫情之際,Jio 突然有希望成為第一個(gè)在印度起步的全球科技巨頭。

這場(chǎng)股權(quán)搶購戰(zhàn)肇始于今年4月。彼時(shí),F(xiàn)acebook與Jio達(dá)成協(xié)議,斥資57億美元收購該公司9.9%的股份。隨后,一批重量級(jí)投資者開始競(jìng)相搶購這家由安巴尼的家族企業(yè)、石化巨頭信實(shí)工業(yè)控制的公司的股份。5月,美國(guó)私募股權(quán)巨頭銀湖資本、Vista Equity Partners、General Atlantic和KKR集團(tuán)總計(jì)向Jio投資了近50億美元。6月,在向美國(guó)芯片制造商英特爾和高通出售了部分股權(quán)之后,Jio與谷歌達(dá)成了一筆以45億美元收購7.7%股份的協(xié)議。此外,作為Jio的資本靠山,信實(shí)工業(yè)還通過配股籌集了近70億美元。

到7月中旬,Jio已經(jīng)積聚了200多億美元,使得信實(shí)工業(yè)和Jio實(shí)現(xiàn)零負(fù)債,并為這家移動(dòng)分支的最終IPO鋪平了道路。更重要的是,通過將Jio打造成為一家老牌能源公司的高增長(zhǎng)分支,安巴尼鞏固了自己作為全球頂級(jí)商業(yè)巨頭的無上地位。原本就是亞洲首富的安巴尼,現(xiàn)在是地球上最富有的五個(gè)人之一。(他那棟坐落于孟買的27層豪宅擁有一個(gè)可容納168輛轎車的車庫,9部電梯,還有一個(gè)配備人造雪的房間——在這個(gè)酷熱難耐的熱帶地區(qū),如此別具心裁的奢華設(shè)施著實(shí)令人艷羨。)如果他對(duì)Jio抱有的厚望成為現(xiàn)實(shí),Jio將躋身全球電子商務(wù)巨頭之列,成為與中國(guó)的阿里巴巴和騰訊等量齊觀的“超級(jí)APP”。

要想實(shí)現(xiàn)這一目標(biāo),Jio就必須攜手它的眾多非印度合作伙伴,與沃爾瑪和亞馬遜這兩家在印度零售業(yè)投入巨資的美國(guó)巨頭展開一場(chǎng)全面戰(zhàn)爭(zhēng)。這場(chǎng)戰(zhàn)爭(zhēng)的終極獎(jiǎng)賞就是一個(gè)理應(yīng)躋身國(guó)際商業(yè)第一梯隊(duì)的超級(jí)市場(chǎng)——但直到現(xiàn)在,印度仍然讓許多尋求在這個(gè)市場(chǎng)有所斬獲的人深感失望。“印度不再是一個(gè)區(qū)域性參與者。”出生于印度的Jio Platforms總裁、前美國(guó)電信業(yè)高管馬修·烏曼這樣說道。在他看來,這就是投資者爭(zhēng)相涌入的原因所在。盡管Jio資歷尚淺,但這家科技新貴如今可以在一群急切的追求者中精心挑選符合其心意的投資者。烏曼透露說,Jio的首要標(biāo)準(zhǔn)是合作者必須把印度的利益放在心上?!拔覀兙芙^的投資者之多可能會(huì)讓你感到驚訝?!彼f。

雙胞胎的抱怨

如果不是安巴尼膝下一對(duì)十幾歲的雙胞胎不斷抱怨——互聯(lián)網(wǎng)太慢,無法充分運(yùn)行其他孩子每天都上的那些網(wǎng)站(任何一位父母可能都聽過類似的抱怨)——Jio的非凡籌款季可能永遠(yuǎn)不會(huì)發(fā)生。安巴尼從父親那里繼承了信實(shí)工業(yè)。在他的領(lǐng)導(dǎo)下,這家總部位于孟買的煉油和石化公司相繼涉足超市、加油站和數(shù)以千計(jì)的便利店。信實(shí)工業(yè)也在海外選購資產(chǎn),最近還收購了英國(guó)玩具零售商Hamleys?,F(xiàn)年63歲的安巴尼早在2000年代就極其富有。但他的投資組合中缺少一個(gè)關(guān)鍵領(lǐng)域:電信。他的女兒伊莎和兒子阿卡什對(duì)此再清楚不過,因?yàn)樗麄兪軌蛄擞《攘钊俗タ竦?G網(wǎng)絡(luò),盡管他們是含著金湯匙出生的。“從小到大,他們經(jīng)常向許多人——特別是向他們的父親——表達(dá)無法使用移動(dòng)數(shù)據(jù)的沮喪感?!盝io總裁烏曼說,“伊莎對(duì)她的老爸很有影響力,讓他相信這是一個(gè)很大的機(jī)會(huì)?!?/p>

很少有人意識(shí)到這個(gè)機(jī)會(huì)到底有多大。被一對(duì)雙胞胎說服后(也可能是架不住他們死纏硬磨),安巴尼在2010年收購了一家瀕臨倒閉的電話公司,由此獲得印度部分無線頻譜的使用權(quán)。那時(shí)候,數(shù)億印度人還從未使用過手機(jī),更不用說上網(wǎng)了。安巴尼投入了約350億美元鋪設(shè)光纖線路,并在廣袤國(guó)土的每個(gè)角落架設(shè)了約20萬個(gè)塔臺(tái),以提供現(xiàn)代4G網(wǎng)絡(luò)服務(wù)。新公司的名字Jio朗朗上口,看起來有點(diǎn)像倒過來拼寫的“石油”(oil)。這個(gè)非常貼切的笑話在公司內(nèi)部廣為流傳。憶往昔,化石燃料讓安巴尼發(fā)了財(cái)?,F(xiàn)在,這位億萬富翁得出結(jié)論,他可以將巨額財(cái)富的增值前景寄托在數(shù)據(jù)身上。

Jio的發(fā)展軌跡令人瞠目結(jié)舌。當(dāng)它在2016年9月推出時(shí),在擁有超過13億人口的印度,只有大約2,800萬人擁有智能手機(jī)。在隨后的18個(gè)月中,有1億人成為Jio無線網(wǎng)絡(luò)的簽約用戶。到今年7月底,其用戶總數(shù)已經(jīng)接近4億人。這家新晉運(yùn)營(yíng)商的制勝訣竅是廉價(jià)數(shù)據(jù)。在Jio問世之前,移動(dòng)數(shù)據(jù)的價(jià)格為每千兆字節(jié)4.5美元,對(duì)于這個(gè)人均年收入只有5,760美元的國(guó)家來說,如此高的價(jià)位顯然難以承受。而Jio給出的價(jià)格僅為每千兆字節(jié)15美分,而且語音通話免費(fèi)。這不可避免地引發(fā)了一場(chǎng)價(jià)格戰(zhàn),而沃達(dá)豐和巴蒂電信(Bharti Airtel)等老牌運(yùn)營(yíng)商注定是無法贏得這場(chǎng)比拼財(cái)力的戰(zhàn)爭(zhēng)的。

在提供免費(fèi)通話和廉價(jià)數(shù)據(jù)服務(wù)兩年后,Jio推出了一款售價(jià)20美元的安卓手機(jī)——Jio Phone不僅搭載YouTube等谷歌熱門應(yīng)用程序,還提供免費(fèi)流量套餐。這款產(chǎn)品點(diǎn)燃了印度人的上網(wǎng)熱情,他們消費(fèi)的數(shù)據(jù)量幾乎相當(dāng)于所有美洲人之和。這不僅是印度人的福音,也是全球科技巨頭的利好消息。Facebook旗下即時(shí)通信應(yīng)用程序WhatsApp目前運(yùn)行所有23種印度官方語言,擁有4億用戶,印度也由此成為這款應(yīng)用程序的最大市場(chǎng)。在這個(gè)文盲現(xiàn)象非常普遍的國(guó)家,谷歌的YouTube成為許多人的默認(rèn)搜索引擎。對(duì)于許多上網(wǎng)費(fèi)用居高不下的新興經(jīng)濟(jì)體來說,印度的案例充分表明,廉價(jià)數(shù)據(jù)能夠?qū)ι虡I(yè)、教育和農(nóng)村發(fā)展起到立竿見影的加速作用。“寬帶連接呈現(xiàn)井噴式增長(zhǎng)?!庇《瓤萍挤治鼍W(wǎng)站MediaNama的創(chuàng)始人兼總編輯尼希爾·帕瓦說,安巴尼是一位“有遠(yuǎn)大夢(mèng)想的人”。

攀登移動(dòng)高峰

在Jio橫空出世之前,數(shù)億印度人從未使用過互聯(lián)網(wǎng)。廉價(jià)的手機(jī)流量套餐和快速的網(wǎng)絡(luò)連接向這個(gè)國(guó)家展示了互聯(lián)網(wǎng)的無窮魅力。

Jio營(yíng)收在2020年為90億美元;訂戶數(shù)量在2020年為3.875億。數(shù)據(jù)來源:Jio Platforms

安巴尼的宏大夢(mèng)想遠(yuǎn)非電信業(yè)所能滿足。Jio迅速取代了它在手機(jī)領(lǐng)域的競(jìng)爭(zhēng)對(duì)手,但它在移動(dòng)支付和電子商務(wù)等互聯(lián)網(wǎng)領(lǐng)域仍然缺乏存在感。“我們看到的只是一個(gè)龐大機(jī)遇的一小部分?!睘趼f。

要想抓住這些機(jī)會(huì),Jio需要全球合作伙伴,這就形成了一個(gè)良性的投資循環(huán)。投資者獲得了一家快速增長(zhǎng)的公司的股份,而這家公司的核心業(yè)務(wù)帶來了滾滾現(xiàn)金流。信實(shí)工業(yè)能夠在既定的時(shí)間表之前清理資產(chǎn)負(fù)債表。Jio獲得了全球最精明的科技盟友。銀湖資本(Silver Lake)的聯(lián)合首席執(zhí)行官埃貢·德班引領(lǐng)這家科技投資公司斥巨資入股Jio。“安巴尼在Jio身上投下重注。”他說,“Jio是隱藏在眾目睽睽之下的全球最大的私人科技公司?!?/p>

數(shù)字生活方式

開車離開龐大的孟買市區(qū),穿過橫跨阿拉伯海的大橋,來到新孟買這個(gè)安靜的遠(yuǎn)郊地區(qū),最終到達(dá)占地550英畝(約合2.22平方公里),綠樹成蔭的信實(shí)工業(yè)總部園區(qū)。圍繞新舊辦公樓群鋪設(shè)的人行道錯(cuò)落有致,連接著網(wǎng)球場(chǎng)、足球場(chǎng)、一個(gè)板球場(chǎng),以及籃球、排球、羽毛球場(chǎng)和一個(gè)提供完善服務(wù)的健身房等運(yùn)動(dòng)設(shè)施。Jio就坐落于這個(gè)猶如鄉(xiāng)村田園的公司園區(qū)的中心地段。辦公大樓的藍(lán)色玻璃幕墻遮擋住了炙熱的陽光,一道道柔和的陰影慵懶地灑在頗具格調(diào)的辦公室內(nèi)。

附近坐落著Jio體驗(yàn)中心。這棟建筑以柔和的粉色和紫色為主色調(diào),它體現(xiàn)的是該公司對(duì)未來的愿景。在這幅愿景中,Jio并非一家移動(dòng)電話運(yùn)營(yíng)商,而是一家“數(shù)字生活方式公司”。正如一位員工所言,這是一家嵌入印度人日常習(xí)慣的企業(yè)。躍入眼簾的產(chǎn)品包括Jio流媒體電視——用戶可通過語音指令要求機(jī)頂盒播放寶萊塢熱播劇,以及備受印度人追捧的板球比賽?!拔覀儚囊婚_始就把Jio定位為一個(gè)提供數(shù)字服務(wù)的平臺(tái)?!睘趼f。他此前在美國(guó)移動(dòng)運(yùn)營(yíng)商Sprint擔(dān)任首席技術(shù)官,隨后于2011年回國(guó)加入信實(shí)工業(yè)?!斑@絕不是事后的想法。”

也許不是。但直到今年早些時(shí)候,Jio仍然沒有為其龐大的移動(dòng)用戶群提供一系列其他付費(fèi)服務(wù)。在它構(gòu)想的“數(shù)字生活方式”服務(wù)方面,Jio也遠(yuǎn)遠(yuǎn)落后于競(jìng)爭(zhēng)對(duì)手。2012年,亞馬遜開始在印度投入數(shù)十億美元。2018年,就在Jio贈(zèng)送手機(jī)的同時(shí),沃爾瑪強(qiáng)勢(shì)入駐印度,以160億美元的價(jià)格收購了本土在線購物公司Flipkart的控制權(quán)。

為了在加強(qiáng)產(chǎn)品競(jìng)爭(zhēng)力的同時(shí)繼續(xù)增長(zhǎng),Jio開始將目光投向國(guó)外,這樣做的額外好處是有助于清理資產(chǎn)負(fù)債表。外部投資者一直渴望攜手一位深諳印度營(yíng)商之道的合作伙伴,共同開發(fā)這個(gè)潛力無限的市場(chǎng)。Facebook對(duì)Jio的投資是印度有史以來最大的一筆外國(guó)科技投資,也是Facebook自2014年斥資140億美元收購WhatsApp以來最大的一筆投資。Jio的一大吸引力是它能夠游刃有余地應(yīng)對(duì)猶如迷宮般的印度監(jiān)管法規(guī),而這正是一直困擾亞馬遜的地方。今年1月,就在亞馬遜首席執(zhí)行官杰夫·貝佐斯飛抵新德里,向這家電商巨頭的印度分公司追加投資10億美元的前一天,印度政府宣布該公司和沃爾瑪控股的Flipkart正在接受反壟斷調(diào)查。而深諳新德里權(quán)力運(yùn)作的Jio幾乎沒有遇到過這種問題?!坝凶C據(jù)表明,他們能夠很好地執(zhí)行既能解決規(guī)模問題又可以解決復(fù)雜性問題的舉措,而這在任何國(guó)家都是很難做好的?!盕acebook的印度業(yè)務(wù)主管阿吉特·莫漢感慨道。

安巴尼和扎克伯格幾乎將他們的合作視為一種愛國(guó)行為,稱這對(duì)保護(hù)數(shù)以百萬計(jì)的小型社區(qū)商店(當(dāng)?shù)厝朔Q之為“柑仔店”)至關(guān)重要。數(shù)十年來,這些小雜貨店一直是印度商業(yè)的支柱,但隨著網(wǎng)絡(luò)購物的興起,它們的未來顯得岌岌可危。安巴尼在他的豪宅發(fā)表YouTube講話時(shí)指出,他和扎克伯格懷抱著“為所有印度人服務(wù) ”的共同目標(biāo),WhatsApp已經(jīng)與印度人建立了 “親密關(guān)系”,而這種合作也跟印度總理納倫德拉·莫迪設(shè)定的國(guó)家數(shù)字戰(zhàn)略高度契合。

投資者接踵而至

Facebook在4月的投資引發(fā)了一場(chǎng)前所未有的Jio股份搶購潮。所有這些巨額投資都用于償還母公司信實(shí)工業(yè)的債務(wù)。這些交易讓Jio實(shí)現(xiàn)了零負(fù)債,并與一群世界頂級(jí)科技和投資公司成為合作伙伴。Jio透露稱,它拒絕了很多投資者,但這家公司幾乎肯定會(huì)進(jìn)行首次公開募股。

根據(jù)該協(xié)議,Jio今年6月推出的電子商務(wù)網(wǎng)站JioMart將與WhatsApp鏈接,后者將首次包括一個(gè)在線支付選項(xiàng)。這個(gè)想法是,JioMart將幫助4,000萬家社區(qū)商店完成訂單支付,而這些遍布印度大街小巷的雜貨店將通過結(jié)合它們的商品目錄和配送服務(wù),提供更加廣泛的商品。亞馬遜和沃爾瑪正在對(duì)這些夫妻店構(gòu)成致命威脅,這讓Jio有機(jī)會(huì)扮演民族救世主的角色?!皞鹘y(tǒng)電子商務(wù)巨頭正在淘汰這些雜貨店。”烏曼說。在他看來,JioMart-WhatsApp的典型客戶是他84歲的老母親,她住在印度南部的喀拉拉邦?!拔覌寢寣?duì)在線購物懵懵懂懂?!彼f,“但她認(rèn)識(shí)街上那位為她配送大部分物品的人?!?/p>

Facebook也可以將它與Jio的合作作為其進(jìn)軍全球市場(chǎng)的原型模式。與之類似,谷歌首先在印度推出在線支付系統(tǒng),然后將該應(yīng)用程序擴(kuò)展到美國(guó)和其他地區(qū)。谷歌表示,他們正在為Jio手機(jī)開發(fā)一款低成本的安卓操作系統(tǒng)。同樣,這家科技巨頭試圖在印度測(cè)試這款原型系統(tǒng),并計(jì)劃將其推廣到世界其他地區(qū)。在4月簽署投資協(xié)議后,扎克伯格明確表示Facebook也有類似的設(shè)計(jì)。

Jio巨大的營(yíng)收增長(zhǎng)前景點(diǎn)燃了瘋狂的交易熱潮,投資者(幾乎是清一色的美國(guó)人)競(jìng)相搶購該公司的股權(quán)。亞馬遜的前高管迭戈·皮亞坎蒂尼表示:“這些公司逐漸意識(shí)到,印度是一個(gè)獨(dú)特的市場(chǎng)?!逼喛驳倌嵴莵嗰R遜此前斥資數(shù)十億美元進(jìn)軍印度的操盤手,他目前擔(dān)任KKR集團(tuán)的顧問,但并未參與這家私募股權(quán)公司對(duì)Jio的投資?!巴顿Y者的態(tài)度是,‘寧可為錯(cuò)誤的投資而后悔,也不要為錯(cuò)過一個(gè)巨大的機(jī)會(huì)而抱憾終生?!彼f。

事實(shí)上,與Facebook合作開展電商業(yè)務(wù)的潛力讓Jio有機(jī)會(huì)成為攪局者?!靶艑?shí)工業(yè)或許能夠像它此前改變印度電信業(yè)格局那樣,顛覆印度的電子商務(wù)領(lǐng)域。”ASA Capital的印度消費(fèi)業(yè)務(wù)分析師普拉納夫·巴夫薩爾在接受印度記者采訪時(shí)表示。西方投資者“正在為Jio有望改變印度零售景觀的前景買單?!彼f。

印度解決方案

事實(shí)證明,Jio非常善于構(gòu)筑龐大的訂戶群,但這并不足以保證它也能夠在提供新服務(wù)方面取得成功。例如,在新冠疫情肆虐的大背景下,Jio開始在5萬個(gè)家庭測(cè)試其光纖服務(wù)。但在多條戰(zhàn)線上,這家公司還需要努力追趕西方競(jìng)爭(zhēng)對(duì)手。沃爾瑪和亞馬遜已經(jīng)在印度擁有數(shù)百萬客戶。而作為Jio的新投資者,谷歌早在2017年9月就在印度推出在線支付系統(tǒng)。“在支付領(lǐng)域,谷歌支付對(duì)Facebook有著明顯的領(lǐng)先優(yōu)勢(shì)?!盡ediaNama的總編輯帕瓦說,“我對(duì)他們的競(jìng)爭(zhēng)力持懷疑態(tài)度?!?/p>

還有其他問題。這些問題有時(shí)會(huì)讓扎克伯格質(zhì)疑他的57億美元投資是否明智。其中最重要的一點(diǎn)是在這個(gè)擁有多種語言和宗教的國(guó)家運(yùn)營(yíng)業(yè)務(wù)的極端復(fù)雜性。印度政府的監(jiān)管法規(guī)嚴(yán)重偏向于本地企業(yè)。被問及西方科技投資者在印度面臨哪些挑戰(zhàn)時(shí),皮亞坎蒂尼回答稱,“我不知道你為這次采訪安排了多少時(shí)間?!彼e例說,印度28個(gè)邦執(zhí)行不同的貿(mào)易法規(guī),這使得在線商務(wù)變得錯(cuò)綜復(fù)雜。“在印度,你做的是長(zhǎng)線投資。這個(gè)長(zhǎng)線意味著30年,而不是5年。”他說,“你需要大量資金和優(yōu)秀人才。執(zhí)行商業(yè)計(jì)劃的難度之大遠(yuǎn)超你的想象?!?/p>

盡管如此,印度市場(chǎng)的未來仍然非??善?,而這也是信實(shí)工業(yè)關(guān)注的焦點(diǎn)所在。就像WhatsApp支付系統(tǒng)可能會(huì)迅速擴(kuò)展到世界其他地區(qū)一樣,Jio最終也可能以印度本土作為跳板,構(gòu)筑起一個(gè)有可能復(fù)制到其他國(guó)家的服務(wù)平臺(tái)。這將助推Jio和信實(shí)工業(yè)迅速躋身全球公司之列。烏曼表示,他相信就連美國(guó)和歐洲的部分地區(qū)也可能成為Jio的潛在市場(chǎng)。“我們不排除選擇恰當(dāng)?shù)臅r(shí)機(jī)進(jìn)軍全球市場(chǎng)?!彼f。市場(chǎng)觀察人士預(yù)計(jì)Jio將在不遠(yuǎn)的將來進(jìn)行IPO,但烏曼透露稱,該公司“尚未正式商議”上市時(shí)間表。但他隨即指出,“這種可能性是存在的。”

按照J(rèn)io的經(jīng)典風(fēng)格,這些計(jì)劃可能會(huì)迅速展開,而且規(guī)模巨大,從而有望助力Jio成為下一個(gè)大型科技公司,同時(shí)讓它成為第一個(gè)在印度起步的全球科技巨頭。安巴尼在7月告訴股東,Jio計(jì)劃明年在印度推出自己的5G技術(shù),并將涉足大數(shù)據(jù)、機(jī)器學(xué)習(xí)、區(qū)塊鏈和醫(yī)療保健等領(lǐng)域。他說,所有這些產(chǎn)品都會(huì)很容易出口到世界各地的市場(chǎng)。“每一個(gè)在印度獲得驗(yàn)證的解決方案,都有可能成為全球性解決方案。”而安巴尼的美國(guó)投資者必然會(huì)追隨他的前行腳步。

競(jìng)逐印度市場(chǎng)

西方投資者現(xiàn)在已經(jīng)與Jio Platforms結(jié)為盟友,或與之對(duì)抗。三大科技和軟件公司是這家公司的合作伙伴;美國(guó)兩大零售商是它的勁敵。

今年4月,首席執(zhí)行官馬克·扎克伯格斥資57億美元入股Jio Platforms,由此引發(fā)了西方公司對(duì)這家科技新貴的投資浪潮。Facebook旗下的即時(shí)通訊應(yīng)用程序WhatsApp在印度很受歡迎,并且擁有比Jio用戶收入更高的客戶群體。

谷歌

7月,谷歌及其母公司Alphabet的首席執(zhí)行官桑達(dá)爾·皮查伊通過視頻現(xiàn)身信實(shí)工業(yè)年會(huì),宣布對(duì)Jio投資45億美元。谷歌一直密切關(guān)注尚未開發(fā)的印度市場(chǎng),并將Jio視為規(guī)避印度錯(cuò)綜復(fù)雜的政府監(jiān)管風(fēng)險(xiǎn)的一條捷徑。

微軟

Jio與這家軟件巨頭的合作項(xiàng)目,正是微軟首席執(zhí)行官薩蒂亞·納德拉任期內(nèi)的最高成就——Azure云計(jì)算業(yè)務(wù)。兩家公司成立了一家合資企業(yè),在印度銷售云服務(wù)。

亞馬遜

亞馬遜首席執(zhí)行官杰夫·貝佐斯對(duì)印度市場(chǎng)抱有厚望,已經(jīng)投資了數(shù)十億美元。JioMart與WhatsApp的聯(lián)姻對(duì)這家總部西雅圖的電子商務(wù)巨頭構(gòu)成了威脅。

沃爾瑪

沃爾瑪?shù)氖紫瘓?zhí)行官董明倫在印度押下重注,收購了當(dāng)?shù)仉娮由虅?wù)領(lǐng)軍企業(yè)Flipkart的控股權(quán)。但這家零售巨頭一直受制于嚴(yán)重偏向本土零售商的政府監(jiān)管法規(guī)。(財(cái)富中文網(wǎng))

本文另一版本刊載于《財(cái)富》雜志2020年8/9月刊,標(biāo)題為《Jio能否成為下一個(gè)科技巨頭?》

譯者:任文科

MAMMOTH TECHNOLOGY COMPANIES tend to blossom slowly. Google grew quietly out of a garage, Facebook from a dorm room, Amazon in a car rolling across the country. The investments in such upstarts amount to grubstakes, relatively paltry sums from risk-seeking investors who know it could all come to naught.

Yet when two of these giants (Facebook and Google) plunk down billions of dollars to back an emerging competitor to the third (Amazon), a new tech colossus can be crowned nearly instantaneously. That company, Jio Platforms, is a four-year-old mobile phone company controlled by India’s richest man, Mukesh Ambani. It has attracted so much capital so quickly that while the rest of the world is focused on a global pandemic, Jio suddenly has staked its claim to becoming the first global tech giant to get its start in India.

The scramble began when Facebook inked a $5.7 billion deal with Jio in April for a 9.9% stake in the company. That ignited a cascade of investors grabbing a slice of Jio, which is controlled by Ambani’s family business, the petrochemical conglomerate Reliance Industries. In May, U.S. private equity heavyweights Silver Lake, Vista Equity Partners, General Atlantic, and KKR together plowed nearly $5 billion into Jio. In June, Jio collected more than $4 billion from other U.S. tech investors and sovereign wealth funds in Saudi Arabia and the United Arab Emirates. And in July, after selling slices of Jio to U.S. chipmakers Intel and Qualcomm, Jio sealed a $4.5 billion deal with Google for 7.7% of the company. For good measure, Reliance, which funded Jio from its own balance sheet, raised nearly $7 billion more in a rights offering.

By mid-July, Jio had amassed more than $20 billion, leaving Reliance and Jio net debt-free and positioning the mobile offshoot for an eventual IPO. What’s more, by spinning up Jio as a high-growth offshoot of an old-line energy company, Ambani has solidified his place as one of the world’s top business titans. Already Asia’s richest man—his 27-story Mumbai mansion has a 168-car garage; nine elevators; and a room with artificial snow, a handy feature in the tropical heat—Ambani now is one of the five richest people on the planet. If his ambitions for Jio succeed, it will join the ranks of global e-commerce “superapps” of the magnitude of China’s Alibaba and Tencent.

To do that, Jio and its many new non-Indian partners will wage an all-out battle with two American behemoths that have invested heavily in Indian retail: Walmart and Amazon. The prize is nothing short of a market that, by all rights, should be among the top tier in international commerce—but which until now has frustrated many of those who have tried to capitalize on it. “India is no longer a regional player,” says Mathew Oommen, the Indian-born president of Jio Platforms and a former U.S. telecom executive. That is why, he says, investors rushed in. Despite its youth, Jio is now in a position to pick and choose among its eager suitors. Oommen says Jio’s top criterion has been partners who appear to have India’s interests at heart. “You would be surprised, the number of investors we have turned down,” he says.

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JIO’S EXTRAORDINARY season of fundraising might never have happened had it not been for a persistent complaint by Ambani’s teenage twins that will sound familiar to any parent: The Internet was too slow to adequately run the sites other kids were consuming every day. Ambani had inherited Reliance from his father, and he expanded the Mumbai-based oil-refining and petrochemical outfit into supermarkets, gas stations, and thousands of convenience stores. Reliance has shopped for assets abroad as well, more recently buying the British toy retailer Hamleys. Already immensely rich by the 2000s, Ambani, now 63, lacked one crucial segment in his portfolio: telecommunications. That was all too clear to his daughter, Isha, and son Akash as they struggled (albeit in the lap of luxury) with India’s creaky 2G networks. “Growing up, they expressed to many people, and to their dad, their frustration not being able to use mobile data,” says Oommen, the Jio president. “Isha had a large influence on her dad, persuading him that this was a big opportunity.”

Few realized just how big. Won over (or worn down) by his children, Ambani purchased a failing phone company in 2010, giving him licenses over some of India’s wireless spectrum. At the time, hundreds of millions of Indians had never used a mobile phone, let alone logged on to the Internet. Ambani plowed about $35 billion into laying fiber lines and erecting about 200,000 towers for a modern 4G network in every corner of the vast country. The new company’s catchy name, Jio, looks a bit like “oil” spelled backward. It was a fitting inside joke. Fossil fuels had made Ambani rich. Now, he concluded, he could future-proof his wealth by pegging it to data.

Jio’s trajectory has been jaw-dropping. When it launched in September 2016, only about 28 million Indians owned smartphones, out of a population of more than 1.3 billion. Within 18 months Jio had signed 100 million people to its network, and by the end of July had nearly 400 million subscribers. The newcomer’s trick was cheap data. Before Jio, mobile data cost $4.50 per gigabyte, painful in a country with per capita annual income at the time of $5,760. Jio offered a gigabyte for just 15¢ and made voice calls free. This unleashed a price war that entrenched operators like Vodafone and Bharti Airtel were destined to lose.

Two years after offering free calls and inexpensive data, Jio unveiled a $20 Android handset called the Jio Phone, loading it up with Google-owned apps like YouTube, included free with mobile plans. With that one product, Indians began to consume as much data as all of the Americas combined. It was a boon not only for Indians but for global tech giants too. Facebook’s WhatsApp now operates in all 23 official Indian languages and has 400 million users, making India WhatsApp’s biggest market. And in a country with widespread illiteracy, Google’s YouTube acts as the default search engine for many. To other emerging countries with high-priced Internet, India now offers a prime example of the accelerator effect cheap data can have on businesses, education, and rural development. “Broadband connections have skyrocketed,” says Nikhil Pahwa, founder and editor of the Indian tech analysis site MediaNama. Ambani, he says, is “someone who dreams big.”

Ambani’s dreams are far bigger even than telecommunications. Jio has rapidly displaced its cell phone competition, but it still has little presence in huge swaths of the Internet, including mobile payments and e-commerce. Says Oommen: “What we’re seeing is only a small piece of the larger, bigger opportunity.”

To grab those opportunities, Jio needed global partners, which created a virtuous investment circle. The investors got a stake in a fast-growing company that generated cash on its core business. Reliance was able to wipe clean its balance sheet ahead of its stated timetable. And Jio gains the globe’s savviest tech players as allies. “Ambani made a huge bet on Jio,” says Egon Durban, co-CEO of technology investment firm Silver Lake, who led the firm’s Jio investment. Jio, he says, “is the world’s greatest private tech company hidden in plain sight.”

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DRIVING AWAY from the sprawling megalopolis of Mumbai, across the bridge spanning the Arabian Sea, you reach the quieter exurb of Navi Mumbai and eventually arrive at the leafy, cordoned-off, 550-acre campus that is headquarters to Reliance Industries. Set around the complex of office buildings, both old and new, are neat footpaths connecting tennis courts, soccer fields, and a cricket pitch, as well as basketball, volleyball, and badminton courts and a full-service gym. At the center of this idyll sits Jio, whose building has blue-tinted glass walls shielding the interior from the blistering sun, with soothing shadows across its sleek offices.

Nearby sits the Jio Experience center, a building spotlighted in soft pinks and purples that represents the company’s vision for its future. It imagines Jio not as a mobile phone carrier but a “digital lifestyle company,” as a staff member puts it, a business embedded in Indians’ daily habits. The whizbang toys on display include Jio TVs streaming, among other offerings, Bollywood hits and cricket matches—addictive Indian pastimes—via voice commands into a set-top box. “Our story has been about digital services as a platform from the beginning,” says Oommen, who was chief technology officer of U.S. mobile operator Sprint before returning home to join Reliance in 2011. “It has never been an afterthought.”

Perhaps not. But by earlier this year, Jio was still not offering its gargantuan number of mobile users an array of other paying services. And it trailed badly behind competitors in the “digital lifestyle” offerings it had envisioned. Amazon began spending billions in India in 2012. And even as Jio was giving away its handsets, Walmart muscled into India in 2018, buying control of the homegrown online-shopping company Flipkart for $16 billion.

To continue growing while beefing up its offerings, Jio began to look outward, which had the added benefit of cleaning up its balance sheet. The outsiders were eager for a way into the Indian market with a partner who knew how to operate there. Facebook’s investment in Jio was India’s single biggest foreign tech investment ever and Facebook’s biggest investment since buying WhatsApp in 2014 for $14 billion. One big draw was Jio’s ability to maneuver through India’s labyrinth of government regulations—something that has entangled Amazon. In January, one day before Bezos flew to New Delhi to invest $1 billion more into Amazon India, the government announced the company was under investigation, along with Walmart-controlled Flipkart, for anti-trust violations. Jio, adept at working the halls of power in New Delhi, has faced few such problems. “They’ve shown evidence they can execute well on initiatives that solve for both scale and complexity, which is hard to do well in any country,” says Ajit Mohan, Facebook’s top executive in India.

Ambani and Zuckerberg cast their partnership almost as a patriotic act, saying it would be crucial to protecting the millions of small mom-and-shop shops, called “kirana stores,” that for decades have been the backbone of Indian commerce, and whose future has looked increasingly precarious as online shopping takes off. In a YouTube address from his mansion, Ambani said he and Zuckerberg shared the goal of “serving all Indians,” saying that WhatsApp had built an “intimate relationship with Indians,” and whose partnership aligned with Prime Minister Narendra Modi’s digital strategy for the country.

Under the deal, Jio’s e-commerce site, JioMart, which launched in June, will be linked to WhatsApp, which will include an online payment option for the first time. The idea is that the payments will be for orders from 40 million or so kirana stores, which would deliver a far wider range of goods by combining their catalogs and delivery. Amazon and Walmart constitute a mortal threat to these family-owned shops, putting Jio in the role of a nationalist savior. “The big traditional e-commerce players are eradicating them,” Oommen says. He sees the quintessential JioMart-WhatsApp customer as his mother, 84, who lives in India’s southern state of Kerala. “My mom is not the most proficient with online things,” he says. “But she knows the guy down the street who delivers most of her items.”

Facebook will also be able to use its Jio deal as a prototype for its global market. In the same way, Google first rolled out its online payment system in India, before expanding the app into the U.S. and elsewhere. Google says it is now working on a low-cost Android operating system for Jio phones, which positions it yet again to test prototypes in India for use elsewhere in the world. In statements after his April deal, Zuckerberg made it clear Facebook has similar designs.

It is Jio’s prospect for huge revenue growth that has ignited the frenzied dealmaking, as investors, almost all American, raced to buy slivers of the company while they could. “Companies are coming to the realization that India is a unique market,” says Diego Piacentini, a former Amazon executive who oversaw the company’s multibillion-dollar move into India. Piacentini now is an adviser to KKR, though he wasn’t involved with the private equity firm’s Jio investment. For investors, he says, “the approach is, ‘better be sorry I made the wrong investment, than I missed a huge opportunity.’”

In fact, the potential to launch its e-commerce business with Facebook was, for Jio, a game changer. “Reliance may be able to disrupt India’s e-commerce space the way it did within the telecom sector,” Pranav Bhavsar, India consumer analyst for ASA Capital, told an Indian journalist. Western investors, he says, are “buying into the promise of changing India’s retail landscape.”

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WHILE JIO has proved adept at building a subscriber base, its success in offering new services is not entirely assured. Under the pandemic, Jio began testing its fiber services in 50,000 homes, for example. But on several fronts, the company is racing to catch up with the Western competition. Walmart and Amazon already each have many millions of customers in India. And Google, Jio’s newest investor, launched its online payment system in India in September 2017. “Google Pay has a significant head start over Facebook in terms of online payments,” MediaNama’s Pahwa says. “I doubt they will be able to compete.”

There are other issues, too, which could lead Zuckerberg to question his $5.7 billion investment at times. Not the least of those issues is the sheer complexity of operating in a country with multiple languages and religions, whose government regulations still heavily favor local businesses. When I ask Piacentini, the former Amazon executive, what challenges Western tech investors face in the country, he replies, “How many hours do you have?” He cites as one example trade regulations among India’s 28 states, which make online commerce convoluted. “In India you make investments for the long term. That means 30 years, not five years,” he says. “You need a lot of capital and great people. Execution is incredibly hard.”

For all that, there could be huge prospects ahead, which Reliance is already eyeing. Just as the WhatsApp payments system is likely to expand quickly to Facebook’s markets in the rest of the world, so too might Jio ultimately use its home country as a place to build a platform of services that it could then replicate in other countries. That would catapult Jio, and by extension, Reliance, into the ranks of global companies. Jio president Oommen says he believes even parts of the U.S. and Europe might be potential markets for Jio. “We will not rule out going global at the right time,” he says. Market watchers expect a Jio IPO in the not so distant future, although Oommen says the company has “not officially deliberated a timeline” for going public. But he says, “It is a possibility.”

In classic Jio style, those plans could unfold quickly and on a huge scale—potentially making Jio the world’s next big tech giant, and India’s first. In July, Ambani told shareholders Jio is set to roll out its own 5G technology next year in India, and also expand into big data, machine learning, blockchain, and health care platforms. All of them, he says, would be readily exportable to markets across the world. “Each of these solutions, once proven in India, has the potential to be a global solution,” Ambani said. His U.S. investors will be along for the ride.

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VYING FOR THE INDIAN MARKET

Western players have now lined up either with or against Jio Platforms. The three big tech and software companies are partners; America’s two biggest retailers are foes.

FACEBOOK

CEO Mark Zuckerberg led the Western parade of investments in Jio Platforms with a $5.7 billion stake in April. Facebook’s WhatsApp is huge in India and has a higher-income clientele than Jio’s users.

Facebook

GOOGLE

Sundar Pichai, CEO of Google and its parent company, Alphabet, appeared by video at the Reliance annual meeting in July to unveil a $4.5 billion investment in Jio. Google has focused intently on India for its untapped market and sees Jio as a way to navigate treacherous governmental waters.

MICROSOFT

Jio has partnered with the software giant through the project that is CEO Satya Nadella’s crowning achievement, Microsoft’s cloud-computing Azure business. The two companies have formed a joint venture to sell cloud services in India.

AMAZON

Jeff Bezos, the boss of Amazon, has invested billions to make India a winning market for the Seattle-based e-commerce giant. JioMart and its tie-up with WhatsApp constitute a threat to Amazon.

WALMART

CEO Doug McMillon bet big on India, buying a controlling stake in e-commerce champion Flipkart. Walmart has been stymied by regulations that favor local retailers.

A version of this article appears in the August/September 2020 issue of Fortune with the headline “Can Jio be the next tech giant?”

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